Oil industry in Pakistan on verge of ‘collapse’ amid liquidity crisis

Pakistan: Oil industry on verge of collapse, largest refinery shuts for a week amid severe economic crisis

Pakistan is facing unprecedented economic crisis with people running riots over shortage of basic necessities like flour.

Oil Industry in Pakistan on Verge of 'Collapse' Amid Liquidity Crisis

Oil companies in cash-strapped Pakistan have warned that the industry is on the ”brink of collapse” as the dollar liquidity crisis persists and their cost of doing business balloons due to the rupee’s devaluation. Pakistan is facing a balance of payments crisis and the plummeting value of the local currency is pushing up the price of imported goods.

Oil industry in Pakistan on verge of 'collapse' amid liquidity crisis

The government removed the dollar cap to meet the International Monetary Fund's (IMF) demand which resulted in the Pakistani rupee falling to a historic low of Rs 276.58 in the interbank market

Oil Industry In Pakistan On Verge Of ‘Collapse’ Amid Liquidity Crisis

The country typically meets more than a third of its annual power demand, using imported natural gas, prices for which shot up following Russia’s invasion of Ukraine

Oil industry in Pakistan on verge of ‘collapse’ amid liquidity crisis

In a letter to the Oil and Gas Regulatory Authority (OGRA) and Energy Ministry, the Oil Companies Advisory Council (OCAC) said that the "sudden depreciation" of the rupee has caused losses worth billions of rupees to the industry as their letters of credit (LCs) are expected to be settled on the new rates, "whereas the related product has already been sold", it said.

Oil industry in Pakistan on verge of ‘collapse' amid liquidity crisis

Pakistan News: Oil companies in cash-strapped Pakistan have warned that the industry is on the "brink of collapse" as the dollar liquidity crisis persists and their